SAP SE — Interim / Quarterly Report 2010

Feb 7, 2011

FINANCIAL INFORMATION FOR THE FOURTH QUARTER AND FULL YEAR 2010

• Condensed, Preliminary and Unaudited -

	Page
Financial Statements (IFRS)
Income Statements - Quarter	F 1
Statements of Comprehensive Income - Quarter	F 2
Income Statements - Full Year	F 3
Statements of Comprehensive Income - Full Year	F4
Statements of Financial Position	F5
Statements of Changes in Equity	F 6
Statements of Cash Flows	F7
Supplementary Financial Information
Reconciliations from Non-IFRS Numbers to IFRS Numbers	F 8 to F 9
Revenue by Region	F 10 to F 11
Share-Based Compensation	F 12
Free Cash Flow	F12
Days Sales Outstanding(DSO)	F 12
Number of Employees	F 12
Multi-Quarter Summary	F 13
Explanations of Non-IFRS Measures	F14 to F16

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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION OF SAP GROUP

as at December 31, 2010 and 2009

$\epsilon$ millions	2010		2009 Change in %
Assets
Cash and cash equivalents	3,518	1,884	87
Other financial assets	158	486	$-67$
Trade and other receivables	3,101	2,546	22
Other non-financial assets	180	147	22
Tax assets	186	192	$-3$
Total current assets	7,143	5,255	36
Goodwill	8,378	4,994	68
Intangible assets	2,376	894	>100
Property, plant, and equipment	1,450	1,371	6
Other financial assets	404	284	42
Trade and other receivables	78	52	50
Other non-financial assets	31	35	$-11$
Tax assets	123	91	35
Deferred tax assets	735	398	85
Total non-current assets	13,575	8,119	67
Total assets	20,718	13,374	55
$\epsilon$ millions	2010		2009 Change in %
Equity and liabilities
Trade and other payables	908	638	42
Tax liabilities	160	125	28
Financial liabilities	142	146	$-3$
Other non-financial liabilities	1,727	1,577	10
Provision TomorrowNow litigation	998	93	>100
Other provisions	287	239	20
Provisions	1,285	332	>100
Deferred income	911	598	52
Total current liabilities	5,133	3,416	50
Trade and other payables	50	35	43
Tax liabilities	371	239	55
Financial liabilities	4,449	729	>100
Other non-financial liabilities	11	12	-8
Provisions	291	198	47
Deferred tax liabilities	576	190	>100
Deferred income	63	64	$-2$
Total non-current liabilities	5,811	1,467	>100
Total liabilities	10,944	4,883	>100
Issued capital	1,227	1,226	0
Treasury shares	$-1,382$	$-1,320$	$\overline{5}$
Share premium	337	317	$6\overline{6}$
Retained earnings	9,769	8,571	14
Other components of equity	$-194$	$-317$	$-39$
Equity attributable to owners of parent	9,757	8,477	15
Non-controlling interests	17	14	$\overline{21}$
Total equity	9,774	8,491	15
Equity and liabilities	20,718	13,374	55

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€ millions, unless otherwise stated	Twelve months ended December 31
			2010				2009			Change in %
	IFRS		Adj. Non-IFRS	Currency impact**	Non-IFRS constant currency**	IFRS		Adj. Non-IFRS	IFRS	Non-IFRS*	Non-IFRS constant currency**
Non-IFRS Revenue Numbers
Software revenue	3.265	$\Omega$	3.265	$-244$	3.021	2.607	$\Omega$	2,607	25	25	16
Support revenue	6.135	$\overline{72}$	6,207	$-313$	5,894	5,285	11	5.296	16	17	11
Subscription and other software-related service revenue	394	$\Omega$	394	$-13$	381	306	$\mathbf 0$	306	29	29	$\overline{25}$
Software and software-related service revenue	9.794	72	9.866	$-570$	9.296	8.198	11	8.209	19	20	13
- thereof SAP excluding Sybase	9.537	$\mathbf 0$	9,537	$-545$	8,992	8,198	11	8,209	16	16	10
Consulting revenue	2,197	$\overline{0}$	2.197	$-118$	2,079	2,074	$\overline{0}$	2,074	$\overline{6}$	$\overline{6}$	$\overline{\mathfrak{o}}$
Other service revenue	473	$\Omega$	473	$-22$	451	400	$\Omega$	400	18	18	$\overline{13}$
Professional services and other service revenue	2.670	$\mathbf 0$	2.670	$-140$	2.530	2.474	$\mathbf 0$	2.474	$\overline{\mathbf{8}}$	$\overline{\mathbf{8}}$	$\overline{2}$
Total revenue	12,464	72	12,536	$-709$	11,827	10,672	11	10,683	17	17	11
Non-IFRS Operating Expense Numbers
Cost of software and software-related services	$-1.830$	199	$-1.631$			$-1.658$	184	$-1,474$	10	11
Cost of professional services and other services	$-2,070$	$\overline{9}$	$-2.061$			$-1,851$	$\overline{4}$	$-1.847$	12	$\overline{12}$
Research and development	$-1,724$	5	$-1.719$			$-1,591$	$\overline{4}$	$-1.587$	$\overline{8}$	$\overline{8}$
Sales and marketing	$-2,645$	80	$-2,565$			$-2.199$	73	$-2,126$	20	$\overline{21}$
General and administration	$-638$	16	$-622$			$-564$	3	$-561$	$\overline{13}$	11
Restructuring	$\overline{3}$	$-5$	$-2$			$-198$	$\overline{4}$	$-194$	$< -100$	$-99$
TomorrowNow litigation	$-980$	980	$\mathbf{0}$			$-56$	56	$\Omega$	>100	$\overline{0}$
Other operating income/expense, net	9	$\mathbf{O}$	9			33	$\Omega$	33	$-73$	$-73$
Total operating expenses		$-9,875$ 1,283	$-8.592$	369	$-8.223$	$-8.084$	327	$-7.756$	22	11	6
Non-IFRS Profit Numbers
Operating profit		2.589 1.355	3.944	$-340$	3.604	2.588	339	2.927	$\overline{0}$	35	23
Other non-operating income/expense, net	$-185$	-5	$-190$			$-73$	$-2$	$-75$	>100	>100
Finance income	56	$\mathbf{0}$	56			32	$\circ$	32	75	75
Finance costs TomorrowNow litigation	$-12$	12	$\overline{0}$			$\overline{0}$	$\overline{0}$	$\overline{0}$	N/A	$\overline{0}$
Other finance costs	$-108$	$\overline{0}$	$-108$			$-101$	$\overline{0}$	$-101$	$\overline{7}$	$\overline{7}$
Finance costs	$-120$	12	$-108$			$-101$	$\overline{0}$	$-101$	19	$\overline{7}$
Other financial gains/losses, net	$-3$	$\overline{0}$	$-3$			$-11$	$\overline{0}$	$-11$	$-73$	$-73$
Financial income, net	$-67$	12	$-55$			-80	$\mathbf 0$	$-80$	$-16$	$-31$
Profit before tax		2.337 1.362	3.699			2.435	337	2.772	$-4$	33
Income tax TomorrowNow litigation	377	$-377$	$\mathbf{0}$			20	$-20$	$\circ$	>100	$\mathbf 0$
Other income tax expense	$-898$	$-107$	$-1,005$			$-705$	$-66$	$-771$	27	30
Income tax expense	$-521$	$-484$	$-1.005$			$-685$	$-86$	$-771$	$-24$	$\overline{30}$
Profit after tax	1.816	878	2.694			1.750	251	2.001	$\overline{\mathbf{4}}$	35
Profit attributable to non-controlling interests	$\overline{2}$	$\mathbf{O}$	$\overline{2}$			$\overline{c}$	$\mathbf 0$	$\overline{c}$	$\mathbf 0$	$\mathbf 0$
Profit attributable to owners of parent	1.814	878	2.692			1.748	251	1.999	$\overline{4}$	35
Non-IFRS Key Ratios
Operating margin in %	20.8		31.5		30.5	24.3		27.4	$-3.5pp$	4.1pp	3.1 pp
Effective tax rate in %	22.3		27.2			28.1		27.8	$-5.8pp$	$-0.6pp$
Basic earnings per share, in €	1.53		2.27			1.47		1.68	$\overline{\mathbf{4}}$	35

* Adjustments in the revenue line items are for support revenue that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges and discontinued activities. See Explanations of Non-IFRS Measures for details.

** Constant currency revenue figures are calculated by translating revenue of the current period using the average exchange rates from the previous year's respective period instead of the current period. Constant currency period-over-period changes are calculated by comparing the current year's non-IFRS constant currency numbers with the non-IFRS number of the previous year's respective period.

Starting in 2011, our non-IFRS operating margin will additionally exclude share-based compensation expenses as well as restructuring expenses. Our sharebased compensation expense amounted to € 58 million for 2010 and restructuring expenses were € 2 million. Excluding these two items from the Non-IFRS operating profit in the table above results in the operating profit number under our new Non-IFRS definition and is the basis for the Non-IFRS margin of 31.9% that we have provided as the 2010 comparable number for our profit margin outlook for 2011. The same reconciling items (net of tax of € 44 million) were used in determining the non-IFRS tax rate for 2010 of 27.2% that we have provided as the 2010 comparable number for our Non-IFRS tax rate outlook for 2011.

Differences may exist due to rounding.

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			2010				2009			Change in %
	IFRS		Adj. Non-IFRS	Currency impact**	Non-IFRS constant currency**	IFRS		Adj. Non-IFRS	IFRS	Non-IFRS*	Non-IFRS constant currency**
Software revenue by region
EMEA	1,471	0	1.471	-49	1.422	1.304	0	1,304	13	13	9
Americas	1,247	0	1 2 4 7	$-118$	1.129	855	$\mathbf 0$	855	46	46	32
Asia Pacific Japan	548	$\mathbf{o}$	548	$-78$	470	449	0	449	22	22	5
Software revenue	3,265	$\mathbf{0}$	3.265	$-244$	3.021	2.607	$\mathbf 0$	2,607	25	25	16
Software and software-related service revenue by region
Germany	1,564	$\mathbf{0}$	1,564	$\mathbf{O}$	1,564	1,439	$\circ$	1,439	9	9	9
Rest of EMEA	3,319	21	3,339	$-125$	3,214	2,897	$\overline{4}$	2,901	15	15	11
Total EMEA	4,883	21	4.903	$-125$	4,778	4.336	4	4,340	13	13	10
United States	2,497	40	2,537	$-151$	2.386	2,018	6	2,024	24	25	18
Rest of Americas	930	5	935	$-98$	837	700	$\mathbf 0$	700	33	34	20
Total Americas	3,427	45	3,472	$-250$	3.222	2,718	6	2,724	26	27	18
Japan	448	3	451	$-54$	397	404	$\mathbf 0$	404	11	12	$-2$
Rest of Asia Pacific Japan	1.037	3	1.040	$-141$	899	740	$\mathbf{1}$	741	40	40	21
Total Asia Pacific Japan	1,485	6	1.491	$-195$	1,296	1.144	$\mathbf{1}$	1,145	30	30	13
Software and software-related service revenue	9,794	72	9.866	-570	9.296	8,198	11	8,209	19	20	$\overline{13}$
Total revenue by region
Germany	2,195	$\mathbf{0}$	2,195	$-1$	2.194	2,029	$\mathbf 0$	2.029	8	8	8
Rest of EMEA	4,068	21	4.089	$-154$	3.935	3,614	$\overline{4}$	3.618	13	13	9
Total EMEA	6.263	21	6.283	$-154$	6.129	5.643	4	5.647	11	11	9
United States	3,243	40	3,284	$-192$	3,092	2,695	6	2,701	20	22	14
Rest of Americas	1,192	5	1,197	$-130$	1.067	925	$\mathbf 0$	925	29	29	15
Total Americas	4,435	45	4.480	$-322$	4.158	3.620	6	3,626	23	24	15
Japan	513	3	516	$-61$	455	476	$\circ$	476	8	8	$-4$
Rest of Asia Pacific Japan	1,253	3	1,256	$-171$	1,085	933	$\mathbf{1}$	934	34	34	16
Total Asia Pacific Japan	1,766	6	1,772	$-233$	1,539	1,409	$\mathbf{1}$	1,410	25	26	9
Total revenue	12,464	72	12,536	$-709$	11,827	10,672	11	10,683	17	17	11

* Adjustments in the revenue line items are for support revenue that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. See Explanations of Non-IFRS Measures for details.

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Differences may exist due to rounding.

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MULTI-QUARTER SUMMARY (IFRS and non-IFRS; preliminary und unaudited)

€ millions, unless otherwise stated	O4/2010	Q3/2010	O2/2010	O1/2010	Q4/2009	Q3/2009	O2/2009	O1/2009
Software revenue (IFRS)	1.507	656	637	464	1.120	525	543	418
Revenue adjustment*	$\mathbf{O}$	$\mathbf 0$	$\circ$	$\circ$	$\Omega$	$\mathbf 0$	0	$\mathbf{0}$
Software revenue (non-IFRS)	1.507	656	637	464	1,120	525	543	418
Support revenue (IFRS)	1.656	1,559	1,526	1.394	1.364	1.333	1,337	1,252
Revenue adjustment*	36	36	$\Omega$	0	$\Omega$	$\Omega$	0	11
Support revenue (non-IFRS)	1.692	1,595	1,526	1,394	1.364	1.333	1,337	1.263
Subscription and other software-related service revenue (IFRS)	110	101	95	89	82	79	73	71
Revenue adjustment*	$\mathbf{O}$	$\mathbf 0$	$\mathbf 0$	$\mathbf 0$	$\mathbf 0$	$\mathbf 0$	$\mathsf O$	$\mathsf{O}$
Subscription and other software-related service revenue (non-IFRS)	110	101	95	89	82	79	$\overline{73}$	71
Software and software-related service revenue (IFRS)	3.273	2,316	2,258	1,947	2.566	1.937	1,953	1,741
Revenue adjustment*	36	36	$\mathbf 0$	$\circ$	$\mathbf 0$	$\circ$	$\mathbf 0$	11
Software and software-related service revenue (non-IFRS)	3.309	2,352	2,258	1.947	2.566	1.937	1,953	1,752
Total revenue (IFRS)	4.058	3.003	2.894	2.509	3,190	2.508	2,576	2,397
Revenue adjustment*	36	36	$\mathbf 0$	$\Omega$	$\Omega$	$\mathbf 0$	0	11
Total revenue (non-IFRS)	4.094	3,039	2,894	2.509	3.190	2,508	2,576	2,408
Operating profit (IFRS)	543	716	774	557	1,022	619	641	307
Revenue adjustment*	36	36	$\Omega$	$\Omega$	$\mathbf 0$	$\mathbf 0$	$\Omega$	11
Expense adjustment*	1,031	131	66	54	113	68	69	78
Operating profit (non-IFRS)	1,610	883	840	612	1.134	687	710	396
Operating margin (IFRS)	13.4	23.8	26.7	22.2	32.0	24.7	24.9	12.8
Operating margin (non-IFRS)	39.3	29.1	29.0	24.4	35.5	27.4	27.6	16.4
Effective tax rate (IFRS)	3.1	27.3	27.4	25.7	31.1	20.5	28.5	31.7
Effective tax rate (non-IFRS)	27.2	28.7	26.8	25.3	30.5	21.0	28.1	30.1
Basic earnings per share, in € (IFRS)	0.37	0.42	0.41	0.33	0.57	0.38	0.36	0.17
Basic earnings per share, in € (non-IFRS)	0.93	0.51	0.46	0.37	0.64	0.42	0.40	0.22
Headcount**	53.513	52,921	48,021	47.598	47.584	47.810	48,567	49,922

* Adjustments in the revenue line items are for support revenue that entities acquired by SAP would have recognized had they remained stand-alone entities but that SAP is not permitted to recognize as revenue under IFRS as a result of business combination accounting rules. Adjustments in the operating expense line items are for acquisition-related charges and discontinued activities. See Explanations of Non-IFRS Measures for details.

** in full-time equivalents at quarter end

Differences may exist due to rounding.

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• o HSP LN\'T^T_TZY']PWL_PO NSL]RP^ _SL_ bP PWTXTYL_P TY OP]TaTYR Z'] YZY'?<FG []ZQT_ Y'XMP]^ L]P WTVPWd _Z ]PN'] ^SZ'WO G7D PY_P] TY_Z XL_P]TLW M'^TYP^^ NZXMTYL_TZY^ TY _SP Q'_']P(
• o HSP LN\'T^T_TZY']PWL_PO LXZ]_TeL_TZY Pc[PY^P _SL_ bP PWTXTYL_P TY OP]TaTYR Z'] YZY'?<FG []ZQT_ Y'XMP]^ T^ L ]PN']]TYR Pc[PY^P _SL_ bTWW TX[LN_ Z'] QTYLYNTLW [P]QZ]XLYNP TY Q'_']P dPL]^(
• o HSP ]PaPY'P LOU'^_XPY_ QZ] _SP QLT] aLW'P LNNZ'Y_TYR ZQ _SP LN\'T]PO PY_T_TP^g ^'[[Z]_ NZY_]LN_^ LYO _SP Pc[PY^P LOU'^_XPY_ QZ] LN\'T^T_TZY']PWL_PO NSL]RP^ OZ YZ_ L]T^P Q]ZX L NZXXZY NZYNP[_'LW ML^T^( HST^ T^ MPNL'^P _SP ]PaPY'P LOU'^_XPY_ LTX^ _Z TX[]ZaP _SP NZX[L]LMTWT_d ZQ _SP TYT_TLW [Z^_'LN\'T^T_TZY [P]TZO bT_S Q'_']P [Z^_'LN\'T^T_TZY [P]TZO^ bSTWP _SP Pc[PY^P LOU'^_XPY_ LTX^ _Z TX[]ZaP _SP NZX[L]LMTWT_d MP_bPPY [Z^_'LN\'T^T_TZY [P]TZO^ LYO []P'LN\'T^T_TZY [P]TZO^( HST^ ^SZ'WO [L]_TN'WL]Wd MP NZY^TOP]PO bSPY PaLW'L_TYR Z'] YZY'?<FG Z[P]L_TYR []ZQT_ LYO YZY'?<FG Z[P]L_TYR XL]RTY Y'XMP]^ L^ _SP^P NZXMTYP Z'] YZY'?<FG ]PaPY'P LYO YZY' ?<FG Pc[PY^P^ OP^[T_P _SP LM^PYNP ZQ L NZXXZY NZYNP[_'LW ML^T^(
• o C'] OT^NZY_TY'PO LN_TaT_TP^ NZ'WO ]P^'W_ TY ^TRYTQTNLY_ NL^S Z'_QWZb^(
• o HSP aLW'L_TZY ZQ Z'] NL^S'^P__WPO ^SL]PO ML^PO [LdXPY_ [WLY^ NZ'WO QW'N_'L_P ^TRYTQTNLY_Wd O'P _Z _SP OPaPWZ[XPY_ ZQ Z'] ^SL]P []TNP LYO Z_SP] [L]LXP_P]^ '^PO TY _SP aLW'L_TZY ZQ _SP^P [WLY^
• o JP SLaP TY _SP [L^_ LYO TY_PYO _Z NZY_TY'P TY _SP Q'_']P _Z T^^'P ^SL]P ML^PO NZX[PY^L_TZY LbL]O^ _Z Z'] PX[WZdPP^ PaP]d dPL]( HS'^ Z'] ^SL]P'ML^PO NZX[PY^L_TZY Pc[PY^P L]P ]PN']]TYR LW_SZ'RS _SP LXZ'Y_^ '^'LWWd NSLYRP Q]ZX [P]TZO _Z [P]TZO(

JP MPWTPaP& SZbPaP]& _SL_ _SP []P^PY_L_TZY ZQ _SP YZY'?<FG XPL^']P^ TY NZYU'YN_TZY bT_S _SP NZ]]P^[ZYOTYR ?<FG XPL^']P^ _ZRP_SP] bT_S _SP ]PWPaLY_ ]PNZYNTWTL_TZY^& []ZaTOP^ '^PQ'W TYQZ]XL_TZY _Z XLYLRPXPY_ LYO TYaP^_Z]^ ]PRL]OTYR []P^PY_ LYO Q'_']P M'^TYP^^ _]PYO^ ]PWL_TYR _Z Z'] QTYLYNTLW NZYOT_TZY LYO ]P^'W_^ ZQ Z[P]L_TZY^( JP _SP]PQZ]P OZ YZ_ PaLW'L_P Z'] R]Zb_S LYO [P]QZ]XLYNP bT_SZ'_ NZY^TOP]TYR MZ_S YZY'?<FG XPL^']P^ LYO _SP ]PWPaLY_ ?<FG XPL^']P^( JP NL'_TZY _SP ]PLOP]^ ZQ _ST^ OZN'XPY_ _Z QZWWZb L ^TXTWL] L[[]ZLNS Md NZY^TOP]TYR Z'] YZY'?<FG XPL^']P^ ZYWd TY LOOT_TZY _Z& LYO YZ_ L^ L ^'M^_T_'_P QZ] Z] ^'[P]TZ] _Z& ]PaPY'P^ Z] Z_SP] XPL^']P^ ZQ Z'] QTYLYNTLW [P]QZ]XLYNP []P[L]PO TY LNNZ]OLYNP bT_S ?<FG(

-ONSTCNT -URRGNEY 9GRKOF\$8VGR\$9GRKOF -JCNIGS

JP MPWTPaP T_ T^ TX[Z]_LY_ QZ] TYaP^_Z]^ _Z SLaP TYQZ]XL_TZY _SL_ []ZaTOP^ TY^TRS_ TY_Z Z'] ^LWP^( FPaPY'P XPL^']P^ OP_P]XTYPO 'YOP] ?ZbPaP]& MZ_S ^LWP^ aZW'XP LYO N']]PYNd PQQPN_^ TX[LN_ [P]TZO'ZaP]'[P]TZO NSLYRP^ TY ^LWP^ ]PaPY'P( JP OZ YZ_ ^PWW ^_LYOL]OTePO 'YT_^ ZQ []ZO'N_^ LYO ^P]aTNP^& ^Z bP NLYYZ_ []ZaTOP ]PWPaLY_ TYQZ]XL_TZY ZY ^LWP^ aZW'XP Md []ZaTOTYR OL_L ZY _SP NSLYRP^ TY []ZO'N_ LYO ^P]aTNP 'YT_^ ^ZWO( HZ []ZaTOP LOOT_TZYLW TYQZ]XL_TZY _SL_ XLd MP '^PQ'W _Z TYaP^_Z]^ TY M]PLVTYR OZbY LYO PaLW'L_TYR NSLYRP^ TY ^LWP^ aZW'XP& bP []P^PY_ TYQZ]XL_TZY LMZ'_ Z'] ]PaPY'P LYO aL]TZ'^ aLW'P^ LYO NZX[ZYPY_^ ]PWL_TYR _Z Z[P]L_TYR []ZQT_ _SL_ L]P LOU'^_PO QZ] QZ]PTRY N']]PYNd PQQPN_^( JP NLWN'WL_P NZY^_LY_ N']]PYNd dPL]'ZaP]'dPL] NSLYRP^ TY ]PaPY'P LYO Z[P]L_TYR []ZQT_ Md _]LY^WL_TYR QZ]PTRY N']]PYNTP^ '^TYR _SP LaP]LRP PcNSLYRP ]L_P^ Q]ZX _SP []PaTZ'^ dPL] TY^_PLO ZQ _SP N']]PY_ dPL](

JP MPWTPaP _SL_ OL_L ZY NZY^_LY_ N']]PYNd [P]TZO'ZaP]'[P]TZO NSLYRP^ SLaP WTXT_L_TZY^& [L]_TN'WL]Wd L^ _SP N']]PYNd PQQPN_^ _SL_ L]P PWTXTYL_PO NZY^_T_'_P L ^TRYTQTNLY_ PWPXPY_ ZQ Z'] ]PaPY'P LYO Pc[PY^P^ LYO XLd ^PaP]PWd TX[LN_ Z'] [P]QZ]XLYNP( JP _SP]PQZ]P WTXT_ Z'] '^P ZQ NZY^_LY_ N']]PYNd [P]TZO'ZaP]'[P]TZO NSLYRP^ _Z _SP LYLWd^T^ ZQ NSLYRP^ TY aZW'XP L^ ZYP PWPXPY_ ZQ _SP Q'WW NSLYRP TY L QTYLYNTLW XPL^']P( JP OZ YZ_ PaLW'L_P Z'] ]P^'W_^ LYO [P]QZ]XLYNP bT_SZ'_ NZY^TOP]TYR MZ_S NZY^_LY_ N']]PYNd [P]TZO'ZaP]'[P]TZO NSLYRP^ TY YZY'?<FG ]PaPY'P LYO YZY' ?<FG Z[P]L_TYR []ZQT_ ZY _SP ZYP SLYO LYO NSLYRP^ TY ]PaPY'P& Pc[PY^P^& []ZQT_& Z] Z_SP] XPL^']P^ ZQ QTYLYNTLW [P]QZ]XLYNP []P[L]PO TY LNNZ]OLYNP bT_S ?<FG ZY _SP Z_SP]( JP NL'_TZY _SP ]PLOP]^ ZQ _ST^ OZN'XPY_ _Z QZWWZb L ^TXTWL] L[[]ZLNS Md NZY^TOP]TYR OL_L ZY NZY^_LY_ N']]PYNd [P]TZO'ZaP]'[P]TZO NSLYRP^ ZYWd TY LOOT_TZY _Z& LYO YZ_ L^ L ^'M^_T_'_P QZ] Z] ^'[P]TZ] _Z& NSLYRP^ TY ]PaPY'P& Pc[PY^P^& []ZQT_& Z] Z_SP] XPL^']P^ ZQ QTYLYNTLW [P]QZ]XLYNP []P[L]PO TY LNNZ]OLYNP bT_S ?<FG(

0RGG -CSJ 0LOW

JP '^P Z'] Q]PP NL^S QWZb XPL^']P _Z P^_TXL_P _SP NL^S QWZb ]PXLTYTYR LQ_P] LWW Pc[PYOT_']P^ ]P\'T]PO _Z XLTY_LTY Z] Pc[LYO _SP Z]RLYTN M'^TYP^^ SLaP MPPY [LTO ZQQ( HST^ L^^T^_^ XLYLRPXPY_ bT_S _SP ^'[[WPXPY_LW TYQZ]XL_TZY _Z L^^P^^ Z'] WT\'TOT_d YPPO^( JP NLWN'WL_P Q]PP NL^S QWZb L^ YP_ NL^S Q]ZX Z[P]L_TYR LN_TaT_TP^ XTY'^ LOOT_TZY^ _Z YZY'N']]PY_ L^^P_^& PcNW'OTYR LOOT_TZY^ Q]ZX LN\'T^T_TZY^( <]PP NL^S QWZb ^SZ'WO MP NZY^TOP]PO TY LOOT_TZY _Z& LYO YZ_ L^ L ^'M^_T_'_P QZ] Z] ^'[P]TZ] _Z& NL^S QWZb Z] Z_SP] XPL^']P^ ZQ WT\'TOT_d LYO QTYLYNTLW [P]QZ]XLYNP []P[L]PO TY LNNZ]OLYNP bT_S ?<FG(